35: Venezuela was once the richest country in Latin America.

39: It has the largest known oil reserves in the world.

42: And its democratic government was once praised world wide.

45: But today, Venezuela's democratic institutions and its economy are in shambles.

50: The country has the highest inflation in the world, making food and medicine inaccessible

55: to most Venezuelans.

56: Over the last four years, its GDP has fallen 35%, which is a sharper drop than the one

61: seen during the Great Depression in the US.

64: The country's murder rate has surpassed that of the most dangerous cities in the world.

69: These conditions have sparked months of protests against the president, Nicolas Maduro.

73: And it's easy to see why: the country has become measurably worse since his election

77: in 2013.

79: A poll showed that about 80% of Venezuelans want Maduro removed from office.

85: But instead, the opposite has happened: Maduro has consolidated his power bringing the country

91: closer to authoritarian rule.

97: Maduro's political ambition became evident in December 2015.

101: Two years after he became president, a coalition of opposition parties called the Democratic

105: Unity Roundtable or MUD, won a two-thirds majority in the National Assembly, putting

110: Maduro's rule at risk.

111: In response, Maduro quickly forced out several Supreme Court justices and filled the positions

116: with cronies loyal to him.

118: In March 2016, the court ruled to strip the opposition-led National Assembly of its powers

122: -- a move that sparked massive protests across the country.

126: The ruling was reversed a few days later, but the damage was done -- protests continued

130: to grow and have left about 100 dead and thousands injured so far.

134: Despite the violence and public outcry, Maduro held a vote in July to elect a new governing

138: body called the National Constituent Assembly, which would have the power to rewrite Venezuela's

143: constitution and replace the National Assembly. And leave virtually non opposition to Maduro's rule.

166: With Maduro's recent vote, Venezuelans didn't have a say in whether the assembly should exist.

170: They only had the option to elect its members.

173: But when Maduro's predecessor, Hugo Chavez proposed a constitutional rewrite in 1999,

178: he first called for a referendum to propose the election of the assembly.

182: After most Venezuelans voted yes, they elected a new National Constituent Assembly.

188: See, unlike Maduro, Chavez was a charismatic and beloved leader.

192: In the 90s, he burst onto television sets across the country.

195: He blamed government corruption and Venezuela's elite for the economic inequality.

200: His populist message resonated with the country's poor who eventually helped bring him to power.

204: The key moment in his presidency came in 2004 when oil prices surged.

210: Venezuela's petroleum- dependent economy started booming and Chavez went on to spend billions from the

215: profits on social-welfare programs for the poor.

217: He subsidized food, improved the educational system, built an enviable healthcare system

222: and reduced poverty by more than half.

224: These programs certainly helped the poor, but they served a purpose for Chavez as well.

229: In order to be re-elected, he needed to keep millions of poor Venezuelans happy.

233: So he rigged the economy to do just that...

235: He didn't scale back Venezuela's dependence on oil and his unrestrained spending led to

239: a growing deficit.

241: Which meant all these programs would be impossible to sustain if oil prices fell.

246: After Chavez's death, when Maduro took office as his handpicked successor, that's exactly

250: what happened: Oil prices plummeted in 2014 and Maduro failed

254: to adjust.

255: Hyperinflation has made medicines and food, that was once subsidized, unaffordable for

260: Venezuela's poor, who now make up about 82% of the population.

264: Like Chavez, Maduro has also rigged the economy to keep himself in power, but this time it's

270: not benefitting the poor. He's exploited a complex currency system,

274: put in place by Chavez.

276: Maduro's set the official exchange rate at 10 bolivars per US dollar.

280: But only his friends and allies have access to this rate.

283: In reality, the venezuelan currency has become basically worthless.

287: Most Venezuelans get their dollars on the black market, where the rate is about 12,000

291: bolivar per dollar.

292: The military, which got complete control of the food supply from Maduro in 2016, is reportedly

297: profiting off of this currency crisis.

300: They import food at Maduro's special currency rate and sell it on the black market for a

304: massive profit.

306: So military generals and political allies, crisis has offered a lucrative opportunity

311: which has helped Maduro stay in power.

313: But he can't rely on that support alone...

316: ...which brings us back to Maduro's recent power grab.

318: The opposition boycotted the vote, but Maduro held the vote for the new constitutional assembly

323: anyway, and won a majority.

327: "Protests on the streets of Venezuela turned deadly after President Nicolas Maduro

330: declares victory.

332: The violence on Sunday very real

334: The bomb went off near some motorcycle police wounding several.

337: Election day clashes between protesters claiming at least 10 more lives.

342: At least one candidate has been murdered, shot to death.

378: Maduro's government is trying to create the illusion of public support.

381: Thegovernment claimed about 8 million people, or 40% of the country, voted.

386: But experts put that number much lower, at just 3 million people.

391: The international community including Peru, Canada, Spain, Mexico and Argentina condemned

396: the election.

397: The US imposed financial sanctions on Maduro and members of his government.

401: But Maduro's assembly, filled with loyalists, convened anyway and it swiftly removed attorney

405: general Luisa Ortega, leader of the opposition.

409: Armed groups reportedly arrested several other opposition leaders too.

413: Whether the group will rewrite the constitution or postpone the next presidential election

417: remains to be seen.

418: For now, Maduro has unprecedented power over a country that continues to spiral out of

423: control.